Worried about the global economy being in a "protracted deterioration", noted economist Kaushik Basu has warned against low interest regimes and the rich countries following "foolish policies" like protectionism even as he asserted India stands out with a growth rate of over 7 per cent.

Having served World Bank as its Chief Economist for about four years, India's former Chief Economic Advisor Kaushik Basu says he will not take up any position in the Indian government and plans to return to Cornell University and focus on his research projects.

The World Bank is expected to name New York University economics professor Paul Romer as its next chief economist this week, two people familiar with the decision said, a move that would bring in a prominent voice advocating for investment in human capital.

Indian women face widespread restrictions for jobs though things are changing which is reflected in some recent decisions like quota for women on corporate boards of publicly-listed companies, according to a new World Bank report on South Asia's largest economy.

World Bank chief economist Kaushik Basu Wednesday said the USD 354 billion of forex war-chest is not sufficient to fight a crisis and advocated accumulation of more currency assets as the right strategy.

Fuelled by economic reforms, India is projected to become the world`s fastest growing large economy by 2017 with a growth rate of seven percent, overtaking China along the way, a World Bank report said Tuesday.

Overall, Basu painted a dim picture of the global economy facing a "stalled recovery in some high-income economies and even some middle-income countries" but said "there are some silver linings behind the clouds."

The sharp decline in global crude oil prices gives India a rare "window of opportunity" to put its fiscal house in order and carry out the much-needed economic reforms like cutting down oil subsidy, says a top World Bank official.

Remittances to developing countries should swell 6.3 percent this year to USD 414 billion, flowing from workers abroad to their home countries and helping to offset volatile capital outflows, according to World Bank forecasts released on Wednesday.

With the rupee sliding below the 63 mark against US dollar, World Bank Chief Economist Kaushik Basu Monday said the country should use forex reserves to curb volatility in the currency market and not to look to IMF for funds.